Finnovate Acquisition in an 8-K said it issued a promissory note to its sponsor for up to $1.5 million to fund working capital needs. The note does not bear interest and comes due when the SPAC either closes a merger or liquidates.
Finnovate in August announced a deal with Scage International Limited at a post-combination valuation of $1 billion.
Headquartered in Nanjing, China, Scage is a zero-emission solution provider focused on new energy heavy-duty commercial vehicles and e-fuel solutions. Scage has completed the design, production and testing of several new energy commercial vehicles, covering application scenarios for logistics, mining and port transportation.
Finnovate raised $172.5 million in a November 2021 IPO, but is down to about $48.5 million following hefty redemptions in a May extension vote. The SPAC’s current termination date is May 8, 2024. Read more.
